Cardinal Nicora to head Vatican's new financial watchdog agency
Cardinal Attilio Nicora
Cardinal Attilio Nicora

.- Pope Benedict XVI has appointed the president and staff for a new independent department responsible for overseeing the financial activities of Vatican agencies. The move comes after an investigation by Italian bank authorities into money transfers by the Vatican bank.

Cardinal Attilio Nicora, currently president of the Administration of the Patrimony of the Holy See, will now also head the new "watchdog" agency called the Financial Information Authority, which the Pope established at the end of 2010.

Four members of the directing council will support Cardinal Nicora, who is charged with preventing money laundering, fraud and other possible abuses in Vatican agencies and their affiliates. He will also be responsible for maintaining relations with European Union financial oversight bodies.

The Jan. 19 action by Pope Benedict comes after an investigation this past September in which Italian authorities seized just over $30 million deposited by the Vatican's bank, known as the Institute for the Works of Religion, at the private Italian bank Credito Artigiano SpA.

Authorities said the Vatican's bank had not complied with Italian laws aimed at preventing money laundering by requiring the disclosure of information about account holders and beneficiaries.

The head of the Vatican bank, Ettore Gotti Tedeschi, maintained in court that no money laundering or fraud had occurred and pointed to internal transfer orders as the source of the problem.

Cardinal Nicora will be joined in his efforts by an all-Italian staff of experts. Claudio Bianchi, Marcello Condemi, Giuseppe Dalla Torre del Tempio di Sanguinetto, Cesare Testa, will form the council whose purpose is to carry out the administrative and monitoring work of the authority. If they see fit, they can also employ other individuals to carry out their task.

Their director will later be appointed by Cardinal Nicora himself.

The group of four includes law, accounting and economics professionals. Their first task will be to prepare the Vatican for April 1, when the Dec. 30 norms to guide financial activities will become effective.

The authority is unprecedented in that it has the power to oversee the activities of all Vatican departments and bodies that engage in any exchange of currency or goods. It is independent of the other existing Vatican financial and economic bodies, including the Institute for Religious Works.

Among the new norms the Holy See seeks to enact are measures to prevent and combat illegal activities in financial and commercial sectors. It also aims to put an anti-money laundering protocol in place that will bring the Vatican up to the European standard.

With the measures, they aim to ensure that no money passing through the Vatican will finance criminal activity or terrorism.

Investigations by the new authority that result in evidence of impropriety will be taken up in the Vatican's court system, in association with the Italian penal system for crimes deserving of prison time.

The newly-appointed president, Cardinal Nicora, has extensive experience with Vatican finances, having headed the Administration of the Patrimony of the Holy See since 2002. The APSA, as it is called, is responsible for administering property of the Holy See destined to finance the functions of the Roman Curia.

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages


Ads by Google (What's this?)
Ads by Google (What's this?)

Featured Videos

Pope Francis celebrates the closing Mass and announces site of next World Youth Day
Pope Francis celebrates the closing Mass and announces site of next World Youth Day
Pope Francis visits poor neighborhood and meets with young people from Argentina
Pope Francis celebrates Mass at the National Shrine of Our Lady of Aparecida
Denver rally draws hundreds in support of religious freedom
Pope Francis prays over a sick man in St Peter's Square
Denver women's clinic will offer natural, Catholic care
Interview Clips: Barbara Nicolosi speaks to CNA
US Cardinals press conference at North American College
Pope Benedict to retire to monastery inside Vatican City
Pope cites waning strength as reason for resignation
Hundreds convene in Denver to urge respect for life
New Orange bishop encourages Catholic unity in diversity
Chinese pro-life activist calls for reform, international attention
At Lincoln installation, Bishop Conley says holiness is success
Mother Cabrini shrine reopens in Chicago after a decade
Ordination of 33 deacons fills St. Peter's with joy
Cardinal says "Charity is the mother of all the virtues"
Augustine Institute expands evangelization effort with new campus
Bishops recall 'Way of St. James' as chance to trust in God
Los Angeles cathedral's newest chapel houses Guadalupe relic

Liturgical Calendar

April 23, 2014

Wednesday within the Octa ve of Easter

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Mt 28:8-15


Daily Readings

First Reading:: Acts 3:1-10
Gospel:: Lk 24:13-35

Saint of the Day

St. Adalbert of Prague »


Homily of the Day

Mt 28:8-15


Ads by AdsLiveMedia.com

Ads by AdsLiveMedia.com
Text only

Follow us: